MIRA INFORM REPORT

 

 

Report Date :           

30.05.2012

 

IDENTIFICATION DETAILS

 

Name :

DEVI TRADING COMPANY

 

 

Registered Office :

No. 125, Bankshall Street,Colombo-11

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

01.05.1971

 

 

Com. Reg. No.:

W 6217

 

 

Legal Form :

Partnership Concern 

 

 

Line of Business :

Importers, Exporters, and Wholesaler Merchants of chemicals dyes, agro foods and Waxes

 

 

No. of Employees :

Approximately 60

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Sri Lanka

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GENERAL- Basic information at a glance

      

Name of Subject of Inquiry

:

DEVI TRADING COMPANY

Legal Form  & Status

:

Partnership Concern  (In operation)

Managing Partner

:

A. Vengadasalam

Primary Line of Business

:

Importers, Exporters, and Wholesaler Merchants of chemicals dyes, agro foods and Waxes.

 

 

Place of Business

 

:

 

# 125, Bankshall Street,

Colombo-11,

Sri Lanka.

 

Tel. No: (00 94 011) 232 0314 / 233 5125 / 233 5124

Fax No: (00 94 011) 243 2444

 

E- mail: devi@slt.lk

              

No. of Employees

:

Approximately 60

 

 

COMPANY DETAILS- Registration and Shareholder Details

 

Registration No

:

W 6217

Date of Registration

:

01st May 1971

Registered Office

:

No. 125, Bankshall Street,Colombo-11, Sri Lanka

Partners

:

A. Vengadasalam

Managing Partner

A. Netthikumar

Partner

M. Vengadasalam

Partner

Auditors

:

Balarathnum & Company

Bankers

:

 

Hatton National Bank Ltd

Sampath Bank Ltd

Muslim Commercial Bank Ltd

Habib Bank Ltd

 

 

 

CURRENT INVESTIGATION

 

                                    

                                           Concern  Log

 

 

·         History.

 

                      The Subject Concern  DEVI TRADING COMPANY is a Partnership Concern  registered on 01st May 1971 under registration number W 6217. The has been founded by Mr. A. Vengadasalam in 1971. The concern  purchase spices directly from the farmers in areas in Sri Lanka such as Meetiyagoda, Karapitiya, and Ratnapura over many decades having assured those communities

                    sustainable income.

 

 

·         Location.

The Subject Concern  is located at the client given address # 125, Bankshall Street, Colombo-11, Sri Lanka, a highly commercial area in the city of Colombo.

 

·         Operational Details.

 

General

The Subject Concern  DEVI TRADING COMPANY is a trading concern  with a history of over 30 years of active business in the areas of imports, exports and trading. The concern  is having three associate companies located in China, Hong Kong & India and trading with more than 25 Countries.

 

DEVI TRADING COMPANY is said to have certified ISO 22000-2005/ HACCP for export of Spices. As an exporter of agro-food stuffs, successful certification will provide third-party assurance of the Concern ’s high food hygienic standards.

  

 

Giving below are addresses of two associated companies:

 

1, Unit 7, 10th Floor,

CCT Telecom Building,

No.11, WO shing Street, 

Foton, Shatin, NT. Hong Kong.

 

Tel: + (852) 2679 0519 / 2670 7851

Fax: + (852) 2639 5376

 

 

No. 28, K Daxin Building,

Baoan South Road,

Luohu District,

Shenzhen, China.

 

Tel: + (86 755) 557 6066 / 557 7613

Fax: + (86 755) 557 9418

 

Export Products

                    Cloves, Cinnamon, Nutmeg & Mace, Betel Nuts, Black Pepper, Fresh Coconut, Natural Rubber, Coconut Ekels, Tamarind

 

Import Products

                  Chemicals & Dyestuff, Foodstuff

 

Import Export countries

USA, Australia, China, New Zealand, India, Pakistan, Hong Kong, UK, European Countries 

 

No of Employees

                    Approximately 60

 

·         Financial Data

The concern  has declined to provide information on its finances

 

      Financial Information of private limited liability/partnership/ proprietorship       

      Companies are not made available for public use. 

 

·         Trade references

                    The subject concern  did not provide any trade reference referrals

 

·         Credit Recommendations

                    Since no financial information has been forthcoming from the concern , it is not possible to comment on the merits or otherwise of the concern .

 

No computerised data bases exist to make checks whether the partners or the concern  has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

           

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.58

UK Pound

1

Rs.87.14

Euro

1

Rs.69.73

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.